COLUMBUS — Ohioans are about to receive the delayed final round of a five-part income tax cut.
The arrival of the new year will bring state tax rates down by 4.2 percent, completing what was supposed to be a five-year, 21 percent reduction begun in 2005. But it will have taken six years finish the tax cut; the last stage was put on hold for one year in a 2009 compromise to help bridge an $850 million state budget gap.
The Ohio Department of Taxation said in a statement Thursday that the latest tax change means a family of four earning $60,000 per year will pay $77 less tax for 2011.
Taxpayers will realize the savings when they file their 2011 income tax returns due in April 2012.